Hacker Shifts $4.3M to Tornado Cash

The individual behind the $4.3 million exploit against Remilia in March successfully moved the pilfered crypto assets through the crypto mixer Tornado Cash. On June 17, CertiK, a blockchain analysis firm, revealed that 1,209.5 Ether (ETH), equivalent to roughly $4.3 million, had been funneled into Tornado Cash. CertiK’s investigation identified multiple addresses tied to the Remilia exploit on March 16 as the source of these funds. Remilia is a DAO responsible for the Milady Maker NFT collection.

The stolen crypto assets were funneled into the mixing service around three months following the breach at Remilia. On the day of the exploit, March 16, Remilia’s and Milady’s founder, Krishna Okhandiar, also known by the pseudonym Charlotte Fang, reported being hacked. Significant transfers of ETH and NFTs to a particular wallet were noticed, followed by the liquidation of these assets. An entity known as Dumpster DAO on X highlighted the incident, showcasing the Remilia founder’s announcement about the hack through a screenshot and disclosing the wallet address that received the assets from Remilia-affiliated wallets.

Further blockchain analysis revealed that the wallet address in question liquidated the NFTs linked to Milady, including staked NFTx assets. $1 million in ETH was moved to another address. The sequence of events was meticulously tracked and documented, cementing the connection between the hacked assets and their final destination.

Two days after the exploit, an event unrelated to the fraud but connected by theme unfolded on the Solana network. A new memecoin, intended to honor Milady NFTs, held a successful presale. On March 18, the token named Milady Wif Hat (LADYF), inspired by the dog-themed memecoin Dog Wif Hat (WIF), managed to pull in 91,486 Solana (SOL), valued at $18.7 million, just a couple of hours post-announcement. Due to the overwhelming response and oversubscription, the team behind the presale assured that they would refund any extra SOL they received.

In the ensuing period, the value of the memecoin dropped, hitting a fresh all-time low of $0.00001703 on June 14. Despite its initial success, the token’s market performance declined significantly. Throughout this time, the creators of the memecoin made it clear on their website that they had no affiliation with Charlotte Fang or the Milady Maker NFT project.

Their website statement emphasized that the memecoin was merely a tribute to the NFT collection that they admired and wanted to recognize. They underlined that there were no direct ties to the hacked assets or the individuals responsible for the original NFT collection, distancing themselves from the controversy surrounding the exploit.

The situation with Remilia and the Milady Maker NFTs has brought to light the vulnerabilities in the world of decentralized finance and the implications of such large-scale blockchain exploits. It also underscores the complex interplay between technological innovation and security, as well as the risks inherent in both.

In such a volatile environment, stakeholders in the crypto ecosystem must remain vigilant about security protocols and potential exploits while navigating the evolving landscape of digital assets and blockchain technology.

Gerty Jacobs

Gerty Jacobs

38 thoughts on “Hacker Shifts $4.3M to Tornado Cash

  1. How can anyone feel safe investing in NFTs now? This exploit is a huge red flag

  2. The crypto ecosystem is something else! Big shout out to CertiK for staying on top of security protocols! πŸ‘πŸš€

  3. Tornado Cash again? It’s just a hacker’s playground. Remilia didn’t stand a chance πŸ˜žπŸ”’

  4. I can’t believe the founder got hacked too! How on earth are we supposed to trust anyone in this space?

  5. This incident really highlights how fragile trust is in the crypto community right now πŸ˜”πŸͺ™

  6. Kudos to CertiK and the proactive crypto community tackling these security issues head-on!

  7. These hackers are making millions while honest investors are losing their assets. It’s just not fair!

  8. The crypto realm is intricate, but thanks to firms like CertiK, we gain clarity and security. πŸŒπŸ”’

  9. Can’t believe this happened again. When are we going to see better security in DeFi? πŸ₯΄πŸ”

  10. Ugh, another exploit showing the dark side of DeFi. It’s frustrating how these hackers get away with millions

  11. Remarkable work by CertiK, showing the path of stolen assets.πŸ”πŸ’° Hope this brings more safety in crypto!

  12. So tired of these anonymous exploits. It’s ruining the trust in the whole blockchain system! 🚨😑

  13. CertiKs findings really highlight the importance of staying vigilant in the DeFi space.

  14. This is why I’m skeptical about investing in crypto. Too many breaches and mismanagements πŸš«πŸ’Έ

  15. Phenomenal tracking and documentation by CertiK! Blockchain analysis is an art.

  16. Great investigation, CertiK! Blockchain transparency and accountability in action!

  17. Hats off to CertiK for meticulously connecting the dots! πŸ•΅οΈβ€β™‚οΈπŸ§©

  18. It’s amazing to see such detailed work uncovering the path of these assets. Kudos to CertiK! πŸ‘βœ¨

  19. What a journey for the Milady NFTs! Here’s to more secure and transparent DeFi projects! πŸš€πŸ”’

  20. Big applause to Certified for their blockchain work. These investigations are essential for building trust!

  21. Reading about the Memecoin on Solana was quite a twist! Crypto stories are so unpredictable! 😲🎒

  22. Great to see CertiK shining a light on crypto exploits and staying tenacious in their investigations! β˜€οΈπŸ”¦

  23. Its crazy how quickly this exploit was executed and the assets liquidated. It’s a wake-up call for the entire DeFi sector

  24. The whole Milady Wif Hat token debacle is just adding salt to the wound. This is so disappointing

  25. Hats off to the Dumpster DAO for highlighting this incident and helping raise awareness.

  26. Seeing CertiK’s investigation gives me confidence in blockchain analysis firms. Awesome job!

  27. The response to the Milady Wif Hat presale just shows how people are still getting sucked into these risky ventures

  28. million gone just like that! Seriously, where’s the accountability in the crypto world? πŸ˜€πŸ™…β€β™‚οΈ

  29. The fact that they moved the funds so easily through Tornado Cash is alarming. Crypto security is a joke!

  30. Heres hoping this incident spurs even more robust security measures in the blockchain community!

  31. Kudos to CertiK for piecing together these complex blockchain events. Truly vital work! πŸŽ–οΈπŸ”§

  32. Wow, from a hack to a new memecoin – the crypto world is full of twists and turns!

  33. What’s the point of blockchain transparency if criminals can still pull off stuff like this? πŸ€·β€β™€οΈπŸ”

  34. The crypto world is like a fast-paced thriller! From hacks to new coins, never a dull moment!

  35. Incredible detective work by CertiK! The transparency offers hope for more secure blockchain environments.

  36. Wow, what a whirlwind! From an exploit to a new memecoin presale the crypto world never sleeps!

  37. The whole storyline from the exploit to the memecoin is a fascinating but cautionary crypto tale.

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